By Joshua Burd
Newark’s public school system and its teachers union have sold a vacant commercial building in downtown Newark, in a $1.8 million sale brokered by CBRE.
In a news release, the firm said it represented the sellers of the property at 30-32 Clinton St. An undisclosed buyer acquired the building, which sits on less than an acre between Mulberry and Broad streets, and now plans to convert the property to multifamily use and add a ground-floor retail component.
The CBRE Tri-State Investment Properties team of Charles Berger, Elli Klapper and Mark Silverman, along with Cheryl Hardt of the firm’s advisory and transaction services division, marketed the site on behalf of the sellers. Charles Laginestra of CBRE represented the buyer.
“Our CBRE team is highly active in New Jersey’s urban markets,” said Klapper a vice president with CBRE. “We’re able to leverage the power of the CBRE platform to the benefit of our clients across the board.”
The sale required multiple approvals from several government entities, including the superintendent of Newark Public Schools.
Klapper added that the marketing effort “generated considerable interest among potential buyers.”
“We were able to rapidly generate eleven offers, which helped elevate the final price and ultimately led to an all-cash, no-contingency transaction,” he said. “We were pleased to have had the opportunity to serve both the school system and the teachers’ union in a way that helped all parties achieve their goals.”
